Typically, workers in New York City get paid more than the average worker in the United States because the cost of living in New York is so much higher. That pay premium has grown over the past two decades, according to an analysis in the Monthly Labor Review. In 1990, workers in the five counties of New York City made 46 percent more than the average worker. In 2009, the pay premium had climbed to 62 percent.
What accounts for this increase? Two words: Financial activities. The pay premium for workers in financial activities soared between 1990 and 2009, rising from 83 to 163 percent, according to BLS economist Lisa Bolly. Excluding financial activities from the analysis, the pay premium for all other New York City workers fell from 35 to 34 percent between 1990 and 2009.
Although workers in New York City's financial activities took a hit during the Great Recession, they are back on the fast track. Preliminary data show their pay premium climbing to 178 percent in 2010 and their average wage reaching $205,889.
Source: Pay Premiums among major industry groups in New York City, Monthly Labor Review, October 2011
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